Personal Finance

Credit scores, Equifax or TransUnion?

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  • Nov 17th, 2008 2:17 pm
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May 2, 2004
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Credit scores, Equifax or TransUnion?

I have never checked my credit rating before and I'm just curious on what it might be.

But I don't know which agency to decide on. Any suggestions?
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Feb 9, 2003
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Langley
Coolisme wrote: I have never checked my credit rating before and I'm just curious on what it might be.

But I don't know which agency to decide on. Any suggestions?
You might have to do both. Mine is 78 points different between the two, with Equifax being higher. My percentile is also 11% different between the two. That might be because MBNA and Royal Bank both had enquiries on Transunion just before I checked scores.

I like the way Equifax is laid out, if you have a missed payment, Equifax tells you when it was. Transunion only tells you how many there were on the account, and lets you see any that were in the last 2 years.

It might depend on which agency your creditor uses. Some check one, some use the other, and some use both.
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I always check both - usually about once a year.
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i6s1 wrote: I like the way Equifax is laid out, if you have a missed payment, Equifax tells you when it was. Transunion only tells you how many there were on the account, and lets you see any that were in the last 2 years.
Really? The online transunion report (not free) gives you a nice table showing a graph of the last year for every account, showing each payment and by how much (if any) it was late.
What if there were no hypothetical questions?
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Jucius Maximus wrote: Really? The online transunion report (not free) gives you a nice table showing a graph of the last year for every account, showing each payment and by how much (if any) it was late.
Yep, I just did my annual credit report for free the other day (American) and the Transunion looks much nicer than the Experian one..

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Jucius Maximus wrote: Really? The online transunion report (not free) gives you a nice table showing a graph of the last year for every account, showing each payment and by how much (if any) it was late.
Yes, but only for the last 2 years. If you have late payments to old for the graph, it will only say how late they are. Then you don't know when they will fall off your report. (Which happens at 6 years.)

I do agree that the Transunion report looks better, but since Equifax has this extra information, it's better.
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Jan 19, 2007
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i like equifax better as well, it does give more info.
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Equifax is also cheaper.
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Oct 30, 2008
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Coolisme wrote: I have never checked my credit rating before and I'm just curious on what it might be.

But I don't know which agency to decide on. Any suggestions?
Whenever you obtain credit, most creditors are members of Equifax. Some work with Transunion, it basically depends how their electronic system is set up. Some work only with Equifax, others will do both Equifax and Transunion. There's another credit bureau in Ontario owned by Experian called Northern Credit Bureau, but that's a small bureau and virtually no one uses it.

Equifax's "risk score" is called the Beacon Score while Transunion's is called Empirica. You should obtain a report from both at least once a year. You can buy it online and obtain your score right away. You can also do it the free way, and send an application with proof of ID to both Equifax and Transunion in Canada and have them mail you your consumer-version credit report. It will NOT include the risk score, but I don't think it is of particular importance if you pay your debts on time, all the time. The only way you could view your risk score is by paying for your report online.

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